Home Highlights May 2013 Year 2013 This

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1. TDS u/s 194H - sub- brokerge paid in connection with the services rendered in the course of business of buying and selling of units of mutual fund or in relation to...

2. Short term capital gain - sale of units of mutual funds - Article 13(4)/13(5) of DTAA of India-UAE - the gains arising from transfer of units of mutual funds should not...

3. Liability of Service Tax – direct service tax liability or not due to reverse charge on recipient of services – Appellant was not distributor of mutual fund or agent...

4. Redemption of units of mutual funds - capital gain or business income - the intention for purchase of mutual funds was only for the purpose of investment and held for...

5. Disallowance of CENVAT Credit - activity of purchase and sale of units of Mutual Fund Schemes - trading (exempt) services or not - the activity of redemption and...

6. Amendment of section 47 - any transfer by a unit holder of a capital asset, being a unit or units, held by him in the consolidating plan of a mutual fund scheme, made in...

7. Payment due for the services rendered to the unitholders prior to the winding up - Even if a distributor renders some services to the unitholders after publication of...

8. Nature of Income – Mutual funds sold - business income or capital gains - units of mutual funds are not freely transferable nor tradable and thus cannot be categorized...

9. Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

10. Capitalization of the amount of interest disallowed u/s 36(1)(iii) - Here the assessee is claiming that if interest corresponding to investment in mutual funds is not...

11. Levy of GST on services provided by Head Office to its Branch Offices/Units - it is adequately evident that the impugned activities of providing facilitation services to...

12. Correct head of income - interest on FD and gain of sale of mutual funds invested out of unutilized borrowed fund - interest/gains earned by the assessee company during...

13. Refund to SEZ unit - consumption of services wholly in the SEZ - Service tax on finance charges paid for borrowing funds - only mentions that the funds borrowed by the...

14. TDS u/s 195 - Sales commission paid to foreign company - non deduction of TDS - addition u/s 40(a)(i) - ITAT upheld the CIT(A)'s decision, noting that services rendered...

15. Tax Incentives to International Financial Services Centre - (i) Time limit for exemption on Transfer of assets of the original fund, or its wholly owned SPV to a...